Milk Glut Drags Fonterra Forecast Down to $9.20/kgMS
A milk glut around the world shows no sign of easing, putting downward pressure on farmgate milk prices for the next few months.
Dairy prices increased at the GlobalDairyTrade auction overnight, rising for the third time in a row.
Dairy prices increased at the GlobalDairyTrade auction overnight, rising for the third time in a row.
The GDT price index advanced 3.1% cent from the previous auction two weeks ago.
The flagship whole milk powder rose 3.5% to US$2998/tonne.
Skim milk powder, which has been lagging way behind WMP, also got a boost; prices rose 7.1% to US$2044/ tonne.
Key results
AMF index down 0.5%, average price US$5,930/MT
Butter index up 2.9%, average price US$4,892/MT
BMP index not available, average price US$1,720/MT
Ched index up 6.0%, average price US$3,462/MT
LAC index up 1.2%, average price US$935/MT
RenCas index down 3.8%, average price US$6,020/MT
SMP index up 7.1%, average price US$2,044/MT
WMP index up 3.5%, average price US$2,998/MT
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